Offering Memorandum
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Transcript of Offering Memorandum
Grubb & Ellis|Las Vegas
3930 Howard Hughes Pkwy., Ste 180
Las Vegas, NV 89169
P: 702.733.7500
F: 702.862.8242
www.gelasvegas.com
Park Highlands Land 1,340 acres in North Las Vegas, Nevada
Curt Allsop Doug SchusterSenior Associate Senior Vice President
P: 702.733.7500 x 279 P: 702.733.7500 x 273
C: 702.696.8689 C: 702.501.2345
[email protected] [email protected]
Suzanne Sprenger Vittal RamMarketing Coordinator Associate
P: 702.733.7500 x 282 P: 702.733.7500 x 290
C: 309.360.4445 C: 702.321.5665
[email protected] [email protected]
Please note that neither Odyssey nor Grubb & Ellis, nor any other persons or parties involved in re: November 2005 Land Investors, L.L.C., et al., Bankruptcy No. BK-S-11-20704-MKN, makes any representation or warranty whatsoever, express or implied, regarding the content, accuracy or completeness of the information set forth herein. Any statements, information, reports, or written materials of any nature whatsoever are provided without any independent investigation by said persons and/or parties, and as such, said persons and/or parties assume no responsibility or liability for the accuracy or validity of the same. Therefore, any verifi cation or review of the attached documents is solely and completely the responsibility of the person reviewing same.
Conf ident ia l O ffer ing Memorandum
AU C T I O N D E TA I L S SECTION 1
Timeline & Bid Requirements 2
G E N E R A L O V E R V I E W SECTION 2
Executive Summary 4
Introduction 5
Investment Highlights 6 - 8
Estimated Annual Carry Costs 9 - 11
Park Highlands & Surrounding Vicinity 12
Park Highlands Ownership Map 13
Park Highlands Land Use 14
November 2005 Parcel Map & Sub-Parcel Zoning 15
O V E R V I E W O F PA R C E L S SECTION 3
Parcel 1 17 - 24
Parcel 3 25 - 37
Parcel 4 38 - 44
Parcel 5 45 - 51
Parcel 6 52 - 58
M A R K E T I N F O R M AT I O N SECTION 4
Las Vegas Land Comparables - Northern Region 60
Master Planned Community Land Comparables 61
Plans for the Area 62 - 67
TA B L E O F CO N T E N T S
ALL MAPS & PICTURES ARE AVAILABLE, FULL-SIZED, IN THE VIRTUAL DEAL ROOM
AU
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AUCTION DETAILS
Timeline
Tuesday, November 29, 2011 5:00 p.m. (Pacifi c Time) PSA Revision/ Objection Deadline
Thursday, December 8, 2011 5:00 p.m. (Pacifi c Time) Bid Deadline
Monday, December 12, 2011 10:00 a.m. (Pacifi c Time) Auction
Tuesday, December 13, 2011 1:30 p.m. (Pacifi c Time) Sale Hearing
Friday, December 30, 2011 11:00 a.m. (Pacifi c Time) Closing
Bid Requirements All bids must contain the following:
1. An executed Contract of Sale, also referenced as the Purchase and Sale Agreement
(PSA)
2. An agreement that the off er is binding & irrevocable until 48 hours after or the
earlier of:
a) closing of the Sale of the property,
b) withdrawal of the property by the Debtors, or
c) 30 days after the Sale Hearing.
3. A certifi ed check or wire transfer in the amount equal to 5% of the cash purchase
price payable to the order of the Debtors
4. Written evidence of available cash
5. Any other evidence of ability to consummate the transaction
Please contact Curt Allsop at 702.733.7500 x 279 or by email at [email protected]
AU
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TAIL
SP A R K H I G H L A N D S 2
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EXECUTIVE SUMMARY
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P A R K H I G H L A N D S 4
General
Park Highlands is one of the few remaining large land assemblages available for purchase in the western United States.
Originally owned by the federal government, this property was sold in a BLM auction at a price of $675 million in Novem-
ber of 2005. The assemblage consists of 2,675 total acres ideally located at the foothills of the mountains in the northern
portion of the Las Vegas Valley. General access to Park Highlands is provided by two major freeways that lead to the Strip
and all major employment areas. Direct access to Park Highlands is provided by the recently completed North 5th corridor
and freeway interchange along with two additional freeway interchanges. Plans are in place to construct one more inter-
change to further improve direct access.
Open Space
Unlike other master planned communities, Park Highlands includes several natural land preserves totaling over 500 acres
of open space. These preserves provide unique park like amenities that will include integrated trail systems for residents of
the master planned community. A high percentage of the homes to be built will be contiguous with preserved land which
will create signifi cant lot premium opportunities.
Year End Absolute Auction - No Stalking Horse
A once in a lifetime investment opportunity has been created through the 363 Bankruptcy auction to be held on December
the 12th, 2011. The live absolute auction will allow 1,340 acres, the most signifi cant portion of Park Highlands, to be sold to
the highest qualifi ed bidder; there is no Stalking Horse bid. This year-end deal creates the ability for a new owner to control
one of the the biggest developments in Las Vegas for the next decade and beyond.
Existing Development Agreement, New Owner
Recent input from the City of North Las Vegas has unveiled the City’s willingness to partner with a new owner and begin
the process of assigning warranted zone changes within the existing framework of the current Development Agreement.
These include the density reduction plans that will make Park Highlands similar to Aliante. A new Active Adult community
is one example of a warranted change to the development agreement that will facilitate end user development sooner
rather than later.
Limited Annual Carry Costs
The City is open to the idea of modifying the Development Agreement, which is the only Contract that runs with the land.
Because the Development Agreement is the only contract that runs with the land, the annual costs of carry for ownership
of the 1,340 acres is limited to payment of Clark County property taxes. Specifi c detail for the real property represented by
147 parcels regarding infrastructure and carry costs can be found in the overview of parcels section of this Off ering Memo-
randum on pages 17-58.
INTRODUCTION
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P A R K H I G H L A N D S 5
You are invited to the Virtual Deal Room that has been established to inform Buyers interested in the Purchase of the
Real Property owned by November 2005 Land Investors LLC. Access to the Virtual Deal Room will provide the required
procedures that need to be followed in order to attend and bid at the 363 Bankruptcy auction held on December the 12th
of this year.
This property will be sold, and will close by year end.
Also to be provided in the Virtual deal room are the following items:
1. Complete Off ering Memorandum
2. All Due Diligence items available for download
3. Contract for Sale with timing for comments, and or objections, and further instructions for bidding
4. Bankruptcy Court Approved Bid Procedures, Notice of Sale, and Notice of Assumption
5. Participation Requirements and appropriate Contact information
6. The City of North Las Vegas Development Agreement
7. Input from the City regarding potential variances to the Development Agreement
8. Correspondence regarding recently completed off site development
9. 24 aerial photographs that document development progress (Flight - October 13, 2011)
10. Individual parcel analysis, carry costs, preliminary title report, and recent market data
We encourage each of you, as interested parties, to contact us directly with questions regarding the collateral and/or
any procedural issues related to the auction.
Development Agreement is Flexible
1. Down zoning from High Density Residential of 50 to 25 dwelling units per acre (DU/AC) to Low Density Residential
is supported by the City of North Las Vegas.
2. Reference the Parcel Analysis on pages 17 - 58 for new development opportunities that are created through mod-
est changes to the Development Agreement.
3. Modifi cations may be approved by the City Manager without the requirement of a City Council Hearing.
4. Density reductions will allow modifi cations and reductions to the Park and Public Facilities requirements.
A detailed Analysis of the Development Agreement is provided in the Annual Carry Cost section that follows this
section.
Strong End User Interest - New Active Adult Community
1. Shortage of Master Planned Communities for Active Adults creates a development opportunity not previously
anticipated in the underwriting for Park Highlands. See map of Active Adult Communities below.
2. Land Funds seek alliances
with Home Builders.
3. Home Builders are buying
raw land today.
4. Commercial Developers are
land banking large parcels of
land.
5. The average price per acre
for all land sales greater than
20 acres is $108,713. This
average is based on 16 land
sales that have transacted
over the last year in the
northern portion of the Las
Vegas valley.*
5. Sales Comps for homes sup-
port premiums as much as
50% when comparing master
planned communities with
homes that are not in a Mas-
ter Plan, reference Single
Family Residence sales
comps.*
* See comps in Section 4 pages 60 - 61
INVESTMENT HIGHLIGHTS
Active Adult Community Map
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P A R K H I G H L A N D S 6
.Nature Preservation Area Dramatically Increased
1. Land Area Preserves are required for more than just the Las Vegas Buckwheat and Las Vegas Bearpoppy. Less land
is available for development.
2 11,000 acres that was planned for future development through new BLM auctions are under consideration for a
nature preserve, and/or to be dedicated for the creation of a National Monument for Paleon-
tology, reference the land use plan below.
3 Developable land outside of Park Highlands will be signifi cantly reduced due to the increase in the area of land
allocated for the Eglington Preserve, which is the 300 acres already within the boundary of Park Highlands.
ALL MAPS & PICTURES ARE AVAILABLE, FULL-SIZED, IN THE VIRTUAL DEAL ROOM
INVESTMENT HIGHLIGHTS
T 18 ST 19 S
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W. LAKE MEAD BLVD
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LAND USEPLAN
March 31, 2011
LAND USESRESIDENTIAL
Ranch Estates ( up to 2 du / ac )
Single Family Low ( up to 6 du / ac )
Single Family Medium ( up to 13 du / ac )
Multi-Family ( up to 25 du / ac )
Master Planned Community
NON - RESIDENTIALOpen Space
Neighborhood Commercial
Resort Commecial
Community Commercial
Public / Semi - Public
Downtown Business District
Downtown Area of Influence
Employment
Heavy Industrial
MIXED - USEMixed - Use Employment
Mixed - Use Commercial
Mixed - Use Neighborhood
TRANSPORTATIONFuture North 5th Transit Route
Future Transit Influence Area
Future North 5th Transit Station
Existing Transit Route
Main Streets
Union-Pacific Railroad
BOUNDARIESBLM Disposal Boundary
National Guard
Nellis Airforce Base Property
Flood Control Basins
CLARK215
BUSINESS
95
93
15
CITY OFNORTH LAS VEGASYour Community of Choice
604
15
93
147 147
147
604
604
CLARK215
CLARK215
147
GRAND TETON ALIGNMENT
MOCCASIN RD
IRON MOUNTAIN RD
N. LA
S VEGAS BLVD
US 93
N. L
AS V
EGAS
BLV
D
INTE
RSTA
TE 1
5
INTERSTATE 15
UP
RR
INTE
RSTA
TE 1
5
UP RR
UP RR2
1 12
6 51
4 13
4
16
14
12
12
11
34
9
15
10
2221
1617
8
32
6
7
18
19
31
13
24
36 335
20
4
1 12
1
3
3534 363136 3332
5
5
7
17 15 14
119
123
10
363534
25
2423
13
30
31
6
7
18
19
31
6
712
181318
8
6 25 29 2830 27 26
T 18 ST 17 S
R 6
4 E
T 18 ST 17 S
R 6
3 E
R 6
3 E
R 6
2 E
T 19 ST 18 S
T 19 ST 18 S
R 6
3 E
R 6
2 E
R 6
4 E
R 6
3 E
APEXINDUSTRIAL
AREAS
0 1 2 30.5MilesMATCHLINE
MATCHLINE
1593
SEE INSET
INSET
COMMUNITY DEVELOPMENT DEPARTMENTPLANNING AND ZONING DIVISION
GIS SERVICES
This information is for display purposes only.No liability is assumed as to the accuracy of the geographic data delineated hereon.
0 20.5 1 1.5Miles
North Las Vegas Land Use PlanG
EN
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P A R K H I G H L A N D S 7
INVESTMENT HIGHLIGHTS
Support Demand Created by Future Development
1. University of Nevada Las Vegas
(UNLV) northern campus at Park
Highland’s eastern boundary
2. North 5th Corridor
3. Regional Fixed Guideway Project
Reference complete detail for the
three projects above in section 4 on
pages 63 to 67.
Off Site Improvements Continue
1 A new, oversized water main that is capable of provid-
ing water to Park Highlands is currently being installed
on Losee Rd.
2. Access has been improved through the new freeway
interchange locations at North 5th and Losee Rd. An
additional freeway interchange will be installed at
Revere St.
3. Construction of 77 acre drainage detention basin is
complete.
Regional Fixed Guideway Project
Completed Detention Basin
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P A R K H I G H L A N D S 8
ESTIMATED ANNUAL CARRY COSTS
General
Unlike the majority of other Master Planned Communities in the Greater Las Vegas area, Park Highlands does not have a
Special Improvement District (SID) that must be funded and paid semi-annually by the Developer. The absence of these
costs creates a unique opportunity to own a 1,340 acre Master Planned Community where the only carry costs are lim-
ited to the Property Taxes (see Property Tax detail in Parcel Asset Summary on pages 17-58).
No Special Improvement District Costs
With no requirement for SID costs, and excluding Property Taxes, the majority of the capital commitments that will fol-
low the land are limited to the construction of Public
Facilities. These include a Police Station, Fire Station,
and a Library. Other land dedications are required for
schools and a post offi ce. (Specifi c locations and the
amount of land to be dedicated can be found in the
Parcel Aerials and the Asset Summary portion of this
Off ering Memorandum.)
Infrastructure Costs Contingent on the 3,000th Permit
The most signifi cant fact concerning carry costs for
Park Highlands is the timing for the actual design
and construction of the Public Facilities. These costs
are not triggered until long after home construction
begins. The timeline for construction to commence ranges from on or before the issuance of the 1,500th building permit
on the western portion of Park Highlands to the issuance of the 3,000th building permit on the eastern portion of Park
Highlands. Eff ectively, this allows all carry costs for these commitments to be deferred for several years. Exact language
from the Development Agreement regarding the timeline and the extent of capital commitments for the Public Facilities
is found in the section that follows.
Reductions to the Public Facilities Requirement
It is important to note that the Public Facilities planned for Park Highlands were based on a total dwelling unit count of
approximately 16,000. Recent discussions with the City indicate that a much lower unit count may be desirable. The
City is receptive to discussions regarding a reduction in the number of public facilities that will be commensurate with
a reduction in unit count.
Low Carry Costs
The SIDs are a good way to fund community infrastructure requirements, and per section 12.02 of the Development
Agreement, the City does not object to the creation of one or more special improvement districts at a later date. How-
ever; in a market where Master Planned Communities may not be fully developed immediately, not having to pay active
SID costs creates a competitive land carry advantage when compared to other communities.
LEGACYHIGH
NORTH RANCHby DR HORTON
DEERSPRINGS
CROSSINGS
PROPOSEDSCHOOL
PROPOSEDSCHOOL
PROPOSEDSCHOOL
PROPOSEDSCHOOL
PROPOSEDLIBRARY
PROPOSEDPOLICE
STATION PROPOSEDFIRE STATION
1.12
1.08
1.07
1.09B
1.09A
2.032.06
2.052.11
2.10
2.07
3.11
4.042.15A
2.15B2.16
2.04
3.04 3.05
3.08
3.07
3.13A3.13B
3.15
3.16
4.05
3.06
3.14
4.1
4.06
6.01
6.05
6.036.06 6.07
6.08
6.09 6.1
6.04
6.02
7.01 7.025.02
.05
5.07
5.11
2.13 2.12C-1.09
C-1.032.01A
07A
C-1.12A
C-2.03A
C-1.09D
C-1.09C
C-2.01
C-2.05A
C-2.11AC-2.12A
C-2.08
C-2.10A
C-2.15CC-2.15D
C-2.16A
C-3.01 C-3.02
C-3.04A
C-3.05B
C-3.09
C-3.07A
C-3.08AC-3.13C
C-3.13D
C-3.12
C-4.04A
C-4.04B
C-4.05A
C-3.06A
C-3.14A
C-4.
4.09
C-6.04A
C-6.08A
C
C-6.09A
C-6.07A
C-6.06A
C-6.01A
C-6.05A
C-7.02AC-7.01A
C-5.02A
C-5.01A
5.07A
C-5.08
C-5 11A
C-5.09AC-5.10A
C-5.10BC-5.10C
C-5.09BC-5.09C
C-2.10B
C-3.11A
Public Facilities Location Map
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P A R K H I G H L A N D S 9
ESTIMATED ANNUAL CARRY COSTS CONTINUED
Only One Contract Survives Closing
Per the Purchase and Sale Agreement, (Contract of Sale or PSA), the only Contract that survives the Close of escrow for the
acquisition of the subject 1,340 acres is the City of North Las Vegas Development Agreement dated May 3, 2006. For this
reason, exact language has been included in this Off ering Memorandum to help clarify the commitments that the new
owner will assume:
Per Section 3 of the City of North Las Vegas Development Agreement:
Post Offi ce
Prior to the Auction, the City discussed with the United States Postal Service the receipt by the United States Postal Ser-
vice of certain property for a United States Postal Facility (“Post Offi ce”). The United States Postal Service and Developer
have mutually agreed that the Post Offi ce shall be located on parcel 4.10 as identifi ed on the East Parcel of the Land Use
Plan and shall be 3.8 gross acres (3.5 net acres). This land will be provided by the Developer to the United States Postal
Service in a current “as is” condition. Neither Developer nor City will be responsible for any on-site grading, paving, utili-
ties or construction of the Post Offi ce. Developer agrees to provide roadway paving on Farm and stub utilities to the site.
Schools
The Clark County School District is responsible for providing the primary and secondary education of all school age chil-
dren within Clark County. The Clark County School District and Developer have agreed that fi ve (5) elementary school
sites and one (1) middle school site are necessary within the Planned Community (the “School Sites”). The School Sites
will be located within the area identifi ed as parcel 2.5 on the West Parcel and within the areas identifi ed as parcel 1.07,
3.07, 3.14, 5.06, and 6.05 on the East Parcel.
Fire Station
Developer shall design, construct and dedicate a Fire Station on Parcel 2.11 as identifi ed on the East Parcel. The size
of the Fire Station shall be similar in size to fi re station 56 plus such additional square footage as necessary for: (i) one
additional be suffi cient to house the Ladder Truck which is approximately 58’ x 76’ and (ii) all related necessary person-
nel and equipment. Such design and construction of the Fire Station building and development of the site shall be in
conformance with the Development Standards and Design Guidelines. Developer shall commence construction of the
Fire Station upon issuance of the 3,000th residential building permit on the East Parcel.
Police Department Area Command and Maintenance Building
Developer and City agree that the public safety needs for the City and the Planned Community are met provided that
both the temporary and permanent facilities as set forth in this Section are satisfi ed.
Temporary Area Command
Developer agrees to give one hundred thousand dollars ($100,000) to the City for the purchase of a temporary modular
structure and equipment which will serve the policing needs for the Planned Community (“Temporary Area Command”).
Payment for the Temporary Area Command shall be made by no later than the issuance of the 1,500th residential build-
ing permit on the West Parcel.
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P A R K H I G H L A N D S 1 0
ESTIMATED ANNUAL CARRY COSTS CONTINUED
Police Department Area Command and Maintenance Building
Developer and City agree that Developer shall construct a Police Department Area Command and Maintenance Build-
ing on Parcel 2.12 on the East Parcel (“Police Buildings”). On or before issuance of the 2,500th residential building per-
mit on the East Parcel, the City and Developer shall mutually agree on the design of the Police Buildings and the site
layout of these buildings on Parcel 2.12. Developer’s cost responsibilities shall not exceed the cost for a twenty-two
thousand (22,000) square foot commercial shell building and the Maintenance Building shall not exceed the cost for
a three thousand (3,000) square foot Shell building.
Developer shall commence construction of the Police Buildings on or before issuance of the 3000th residential building
permit on the East Parcel. Completion of construction of the Police Buildings shall be completed within twelve (12)
months from the date of commencement.
Library Building
Developer shall design, construct, and dedicate a Shell library building on Parcel 2.06 on the East Parcel to the City
of North Las Vegas Library District. The size of the Shell library building shall not exceed fi fteen thousand (15,000)
square feet and shall be similar in design and layout to the Aliante library. Such design and construction of the Shell
library building and development of the site shall be in conformance with the Development Standards and Design
Guidelines. The Shell library building shall be constructed during the construction of the community park on Parcel
2.06 (adjacent to the Police Station). The acreage that will be used for this Shell library building is part of the overall
park acreage for the Planned Community. The City, on behalf of the North Las Vegas Library District (“Library Dis-
trict”), agrees to equip and operate the library at the Library District’s sole expense. City and Developer agree to work
together to ensure that the library is open to the public within six (6) months upon completion of construction and
dedication.
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P A R K H I G H L A N D S 1 1
PARK HIGHLANDS & SURROUNDING VICINITY
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P A R K H I G H L A N D S 1 2
PARK HIGHLANDS OWNERSHIP MAP
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P A R K H I G H L A N D S 1 3
PARK HIGHLANDS LAND USE
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P A R K H I G H L A N D S 1 4
NOVEMBER 2005 PARCEL MAP & SUB-PARCEL ZONING
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PARC
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PARC
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PARC
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PARC
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PARC
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GE
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P A R K H I G H L A N D S 1 5
OV
ER
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EW
O
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PA
RC
EL
S
Park Highlands
The following detail provides an individual analysis of the 6 legal parcels and sub-parcels that defi ne Park Highlands. These
parcels match the legal descriptions in the Contract of Sale, which has also been referred to as the Purchase and Sale Agree-
ment (PSA). There are 5 parcels and 147 sub-parcels that comprise the 1,340 acres of real property to be sold by year end.
Parcel 2 is not part of the subject collateral.
Parcel AnalysisIncluded in the individual parcel analysis are the costs of carry, approved zoning, suggested modifi cations to the zoning,
and the current status of infrastructure. As previously indicated, the majority of the costs of carry are the annual property
taxes. The annual tax commitment may be adjusted to refl ect a new value of the subject property based on a new sales
price. For assistance in the property tax modifi cation process,, please contact Curt Allsop at 702.733.7500 or by email at
OVERVIEW OF PARCELS
RESIDENTIALVERY LOW DENSITY RESIDENTIAL - VLDR
LOW DENSITY RESIDENTIAL - LDR
MEDIUM LOW DENSITY RESIDENTIAL - MLDR
MEDIUM DENSITY RESIDENTIAL - MDR
MEDIUM HIGH DENSITY RESIDENTIAL - MHDR
HIGH DENSITY RESIDENTIAL - HDR
VERY HIGH DENSITY RESIDENTIAL - VHDR
COMMERCIALNEIGHBORHOOD COMMERCIAL
CONVENIENCE COMMERCIAL
COMMUNITY COMMERCIAL
RESORT COMMERCIAL
REGIONAL COMMERCIAL
MIXED USE
BUSINESS, RESEARCH, OR DEVELOPMENT PARK
OFFICE COMMERCIAL
INDUSTRIALLIGHT INDUSTRIAL
HEAVY INDUSTRIAL
OTHER USESPUBLIC/SEMI-PUBLIC
ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL
REDEVELOPMENT AREA
OPEN SPACE
WILDERNESS STUDY AREA
OTHERRIGHT OF WAY
215
ALIANTE PKWY
CO
MM
ERC
E ST
DEER SPRINGS WY
CLA
YTON ST
DORRELL LN
COM
MERC
E ST
5TH
ST
REV
ERE
ST
CENTENNIAL PKWYCENTENNIAL PKWY
DEC
ATU
R B
LVD
AVIARY W
YDEER SPRINGS WY
GRAND TETON DR
HORSE DR
CLA
YTO
N ST
ELKHORN RD
LOSEE R
D
2.72.6
3.2
1.02
1.06
1.101.11 1.12
1.08
1.07
1.09B
1.09A2.03
2.06
2.052.11
2.10
2.07
3.11
4.04
2.15A2.15B2.16
2.04
3.043.05
3.08
3.07
3.13A3.13B
3.15
3.16
4.05
4.01
4.023.06
4.08
3.14 4.10
4.06
1 2 3
6.016.05
6.03 6.066.07
6.08
6.09 6.10
6.04
6.02
7.01 7.02
5.02
5.01
5.055.06
5.07
5.11
42
32
3.6
2.132.12
C-2.5A
C-2.7A
C-2.4AC-B
C-A
C-1.2A
C-1.2B
C-C C-D
C-2.3A
C-2.3B
C-1.01
C-1.09
C-1.03
2.01A
C-1.02A
C-1.06A C-1.07A
C-1.10A
C-1.11AC-1.12A
C-2.03A
C-1.09D
C-1.09C
C-2.01
C-2.05A
C-2.11AC-2.12A
C-2.08
C-2.10A
C-2.15C
C-2.15D
C-2.16A
C-3.01 C-3.02
C-3.04A
C-3.05B
C-3.09C-3.07A
C-3.08AC-3.13C C-3.13D
C-3.12
C-4.04A
C-4.04B
C-4.05A
C-4.01A
C-4.02A
C-3.06A
C-3.14AC-4.10A
C-4.08A
4.09B
C-6.04A
C-6.08AC-6.08B
C-6.10A
C-6.10B
C-6.09A
C-6.07A
C-6.06A
C-6.01A
C-6.05A
C-7.02AC-7.01A
C-5.02A
C-5.01A
C-5.06A
C-5.07A
C-5.08
C-5.11A
C-5.09AC-5.10A
C-5.10BC-5.10C
C-5.09BC-5.09C
C-2.10B
C-3.11A
PARCEL 1 PARCEL 3
PARCEL 4
PARCEL 5
PARCEL 6
November 2005 Parcel Map & Sub-Parcel ZoningO
VE
RV
IEW
OF
PAR
CE
LS
P A R K H I G H L A N D S 1 7
RES
IDEN
TIA
LV
ER
Y LO
W D
EN
SIT
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ES
IDE
NTI
AL
- VLD
R
LOW
DE
NS
ITY
RE
SID
EN
TIA
L - L
DR
ME
DIU
M L
OW
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ITY
RE
SID
EN
TIA
L - M
LDR
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EN
SIT
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IDE
NTI
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R
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M H
IGH
DE
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SID
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NE
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BO
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L
OTH
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PM
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T/H
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/CO
MM
ER
CIA
L
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LOP
MEN
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SPA
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WIL
DE
RN
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S S
TUD
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A
OTH
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WAY
215
ALIANTE P
KWY
COMMERCE ST
DEE
R S
PR
ING
S W
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CLAYTON
ST
DO
RRE
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COM
MERCE ST
5TH ST
REVERE STC
ENTE
NN
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PK
WY
CEN
TEN
NIA
L P
KW
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DECATUR BLVD
AVIARY W
YD
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SP
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WY
GR
AN
D T
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N D
R
HO
RSE
DR
CLAYTON ST
ELK
HO
RN
RD
LOSEE RD
2.7
2.6
3.2
1.02
1.06
1.10
1.11
1.12
1.08
1.07
1.09
B
1.09
A2.
032.
06
2.05
2.11
2.10
2.07
3.11 4.04
2.15
A2.
15B
2.16
2.04
3.04
3.05
3.08
3.07
3.13
A3.
13B
3.15 3.16
4.05
4.01
4.02
3.06
4.08
3.14
4.10
4.06 1
23
6.01
6.05
6.03
6.06
6.07
6.08
6.09
6.10
6.04
6.02
7.01
7.02
5.02
5.01 5.
055.
06
5.07
5.11
42
32
3.6
2.13
2.12
C-2.5A
C-2.7A
C-2.4A
C-B
C-A
C-1.2A C-
1.2B
C-C
C-D
C-2.3A C-2.3B
C-1.01
C-1.09
C-1.03
2.01
A
C-1.02
A C-1.06
AC-1.07
A
C-1.10
AC-1.11
AC-1.12
A
C-2.03
A
C-1.09
D
C-1.09
C
C-2.01
C-2.05
A
C-2.11
AC-2.12
A
C-2.08
C-2.10
A
C-2.15
C
C-2.15
D
C-2.16
A
C-3.01
C-3.02
C-3.04
A
C-3.05
B
C-3.09
C-3.07
A
C-3.08
AC-3.13
CC-3.13
D
C-3.12
C-4.04
A
C-4.04
B
C-4.05
A
C-4.01
A
C-4.02
A
C-3.06
A
C-3.14
AC-4.10
A
C-4.08
A
4.09
B
C-6.04
A
C-6.08
AC-6.08
B
C-6.10
A
C-6.10
B
C-6.09
A
C-6.07
A
C-6.06
A
C-6.01
A
C-6.05
A
C-7.02
AC-7.01
A
C-5.02
A
C-5.01
A
C-5.06
AC-5.07
A C-5.08
C-5.11
A
C-5.09
AC-5.10
A
C-5.10
BC-5.10
C
C-5.09
BC-5.09
C
C-2.10
B
C-3.11
A
PARC
EL 1
PARCEL 1 MAP
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GRAND TETON
DEC
ATU
R B
LVD
PARCEL 1 AERIAL PICTURE
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P A R K H I G H L A N D S 1 9
PARCEL 1 TECHNICAL AERIAL
HEC
KET
HO
RN
EL
EMEN
TARY
ALI
AN
TE
STAT
ION
CASI
NO
ALI
AN
TE
ALI
AN
TE
LYN
BR
OO
K
PRO
MIN
ENC
Eby
AST
OR
IAFI
ELD
Sby
AST
OR
IAA
LIA
NTE
MA
RK
ETPL
AC
E
2.7
2.6
3.2
3.6
C-2.5A
C-2.7A
C-2.4A
C-B
C-A
C-1.2A
C-1.2B
C-C
C-D
C-2.3A C-
2.3B
PRO
POSE
DSC
HOO
L
PRO
POSE
DTE
MPO
RARY
AR
EACO
MM
UN
ITY
ALIANTE P
KWY
DECATUR BLVD
AVIARY WY
GR
AN
D T
ETO
N D
R
ELK
HO
RN
RD
OV
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ELSP A R K H I G H L A N D S 2 0
PARCEL 1 ASSET SUMMARY
LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE
VALUE
C-1.2A 124-18-110-005 1.45 MPC PSP $0 SETBACK $0
C-1.2B 124-18-110-006 0.63 MPC RZ10 $0 SETBACK $0
C-A 124-18-210-003 3.34 MPC PSP $0 RIGHT-A-WAY $0
C-B 124-18-110-007 0.56 MPC RZ10 $0 RIGHT-A-WAY $0
C-2.3A 124-18-510-007 1.28 MPC PSP $0 SETBACK $0
C-2.3B 124-18-510-010 0.73 MPC RZ13 $0 SETBACK $0
C-2.4A 124-18-610-009 1.57 MPC RZ13 $0 SETBACK $0
C-2.5A 124-18-610-005 0.63 MPC PSP $0 SETBACK $0
2.6 124-18-610-002 9.00 MPC PSP $872 LAND $74,251
2.7 124-18-610-003 15.27 MPC MUZ $31,237 LAND $2,660,643
C-2.7A 124-18-610-006 1.40 MPC MUZ $0 SETBACK $0
3.2 124-18-310-002 9.03 MPC PSP $875 LAND $74,497
3.6 124-18-410-003 5.99 MPC PSP $791 LAND $67,389
C-C 124-18-310-006 2.50 MPC PSP $0 RIGHT-A-WAY $0
C-D 124-18-310-007 0.56 MPC RZ10 $0 RIGHT-A-WAY $0
53.94 $33,775 $2,876,780
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P A R K H I G H L A N D S 2 1
PARCEL 1 ANALYSIS
General
There are approximately 600 acres that make up Parcel 1 and Parcel 2. The amount of land in Parcel 1 that is owned by
November 2005 Land Investors LLC is limited to 53.94 acres. Of the total, there are four main sub-parcels, three of which
are designated for Public Facilities. Parcel 2 is not parket of the subject collateral.
Zoning
Sub-parcel 2.7 a 15.27 acre parcel in the middle of Parcel 1 that has a zoning designation of Mixed Use. The near term use
for this parcel is a Temporary Area Command; however, this requirement is not triggered until on or before the issuance
of the 1,500th building permit. Communications with the City of North Las Vegas (City) indicate their support for a more
traditional use, one that would not require a commercial component.
Infrastructure
All utilities are within the immediate vicinity. Of major signifi cance, is the fact that the 7.5 million gallon reservoir, as
required in section 8.07 of the Development Agreement, has already been completed. Interior streets for the access to
sub-parcel 2.7 are required. The pump station, as required in section 8.07 of the Development Agreement, has not been
completed.
Future Development
Building permits for all vertical construction on all sub-parcels located within Parcel 1 will be contingent on the City’s sup-
port and approval of plans for the completion of the Flood Control Channel on Grand Teton Drive as outlined in section
6A.02 in the Development Agreement.
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LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 1
C-1.1AC-1.1BC-1.3AC-1.4AC-2.1AC-2.1BC-2.2AC-2.2BC-3.1AC-3.3AC-3.4BC-3.5AC-3.5BC-4.1AC-4.2AC-4.3AC-4.5A
Please contact Curt Allsop at 702.733.7500 or by email at [email protected] for additional detail regarding the
current status of improvements for this parcel.
Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with all
of the Schedule B exceptions can be found.
Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps that
document current and planned infrastructure and improvements.
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P A R K H I G H L A N D S 2 3
PARCEL 1 PICTURES
DECATUR BLVD
AVIARY W
YD
EER
SP
RIN
GS
WY
GR
AN
D T
ETO
N D
R
HO
RSE
DR
2.7
2.6
3.2
3.6
C-2.5A
C-2.7A
C-2.4A
C-B
C-A
C-1.2A C-
1.2B
C-C
C-D
C-2.3A C-2.3B
End User super pad Lot 2.7 of Parcel 1 is ready for development
View of the NEC of Decatur & Elkhorn. Half street road construction continues south of Parcel 1 along Decatur
Example of Park Highlands setback development standards
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PARCEL 3 MAP
RES
IDEN
TIA
LV
ER
Y LO
W D
EN
SIT
Y R
ES
IDE
NTI
AL
- VLD
R
LOW
DE
NS
ITY
RE
SID
EN
TIA
L - L
DR
ME
DIU
M L
OW
DE
NS
ITY
RE
SID
EN
TIA
L - M
LDR
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M D
EN
SIT
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NTI
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DE
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SID
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ALIANTE P
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COMMERCE ST
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PR
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PK
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DECATUR BLVD
AVIARY W
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SP
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GR
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HO
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DR
CLAYTON ST
ELK
HO
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RD
LOSEE RD
2.7
2.6
3.2
1.02
1.06
1.10
1.11
1.12
1.08
1.07
1.09
B
1.09
A2.
032.
06
2.05
2.11
2.10
2.07
3.11 4.04
2.15
A2.
15B
2.16
2.04
3.04
3.05
3.08
3.07
3.13
A3.
13B
3.15 3.16
4.05
4.01
4.02
3.06
4.08
3.14
4.10
4.06 1
23
6.01
6.05
6.03
6.06
6.07
6.08
6.09
6.10
6.04
6.02
7.01
7.02
5.02
5.01 5.
055.
06
5.07
5.11
42
32
3.6
2.13
2.12
C-2.5A
C-2.7A
C-2.4A
C-B
C-A
C-1.2A C-
1.2B
C-C
C-D
C-2.3A C-2.3B
C-1.01
C-1.09
C-1.03
2.01
A
C-1.02
A C-1.06
AC-1.07
A
C-1.10
AC-1.11
AC-1.12
A
C-2.03
A
C-1.09
D
C-1.09
C
C-2.01
C-2.05
A
C-2.11
AC-2.12
A
C-2.08
C-2.10
A
C-2.15
C
C-2.15
D
C-2.16
A
C-3.01
C-3.02
C-3.04
A
C-3.05
B
C-3.09
C-3.07
A
C-3.08
AC-3.13
CC-3.13
D
C-3.12
C-4.04
A
C-4.04
B
C-4.05
A
C-4.01
A
C-4.02
A
C-3.06
A
C-3.14
AC-4.10
A
C-4.08
A
4.09
B
C-6.04
A
C-6.08
AC-6.08
B
C-6.10
A
C-6.10
B
C-6.09
A
C-6.07
A
C-6.06
A
C-6.01
A
C-6.05
A
C-7.02
AC-7.01
A
C-5.02
A
C-5.01
A
C-5.06
AC-5.07
A C-5.08
C-5.11
A
C-5.09
AC-5.10
A
C-5.10
BC-5.10
C
C-5.09
BC-5.09
C
C-2.10
B
C-3.11
A
PARC
EL 3
GE
NE
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LO
VE
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IEW
P A R K H I G H L A N D S 2 5
PARCEL 3 AERIAL PICTURE
GRAND TETO
N
REC
ENTL
Y CO
MPL
ETED
N
5TH
/215
INTE
RCH
AN
GE
FUTU
RE R
EVER
E/21
5 IN
TERC
HA
NG
E
215
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ELSP A R K H I G H L A N D S 2 6
PARCEL 3 TECHNICAL AERIAL
CRA
MM
IDD
LE S
CH
OO
L
SPR
ING
DA
LEby
PA
RD
EE
AU
TUM
NR
IDG
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LTE
LEG
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H
NO
RTH
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NC
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DR
HO
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N
DEE
RSP
RIN
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CRO
SSIN
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OR
AD
OH
IGH
LAN
DS
PRO
POSE
DSC
HOO
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PRO
POSE
DSC
HOO
L
PRO
POSE
DSC
HOO
L
PRO
POSE
DSC
HOO
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PRO
POSE
DLI
BRAR
Y
PRO
POSE
DPO
LICE
ST
ATIO
NPR
OPO
SED
FIRE
STA
TIO
N1.
02
1.06
1.10
1.11
1.12
1.08
1.07
1.09
B
1.09
A
2.03
2.06
2.05
2.11
2.10
2.07
3.11
4.04
2.15
A2.
15B
2.16
2.04
3.04
3.05
3.08
3.07
3.13
A3.
13B
3.15
3.16
4.05
4.01
4.02
3.06
4.08
3.14
4.10
4.06
6.01
6.05
6.03
6.06
6.07
6.08
6.09
6.10
6.04
6.02
7.01
7.02
5.02
5.01
5.05
5.06
5.07
5.11
2.13
2.12
C-1.01
C-1.09
C-1.03
2.01
A
C-1.02
A C-1.06
AC-1.07
A
C-1.10
A
C-1.11
A
C-1.12
A
C-2.03
A C-1.09
D
C-1.09
C
C-2.01
C-2.05
A
C-2.11
AC-2.12
A
C-2.08
C-2.10
A
C-2.15
CC-2.15
DC-2.16
A
C-3.01
C-3.02
C-3.04
A
C-3.05
B
C-3.09
C-3.07
A
C-3.08
AC-3.13
CC-3.13
D
C-3.12
C-4.04
A
C-4.04
B
C-4.05
A
C-4.01
A
C-4.02
A
C-3.06
A
C-3.14
AC-4.10
A
C-4.08
A
4.09
B
C-6.04
A
C-6.08
AC-6.08
B
C-6.10
A
C-6.10
B
C-6.09
A
C-6.07
A
C-6.06
A
C-6.01
A
C-6.05
A
C-7.02
AC-7.01
A
C-5.02
A
C-5.01
A
C-5.06
AC-5.07
A
C-5.08
C-5.11
A
C-5.09
AC-5.10
A
C-5.10
BC-5.10
C
C-5.09
BC-5.09
C
C-2.10
B
C-3.11
A
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P A R K H I G H L A N D S 2 7
PARCEL 3 ASSET SUMMARY
LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE
VALUE
C-1.01 124-16-110-001 1.51 MPC PSP $146 LAND $12,457
1.02 124-16-210-001 77.04 MPC RZ6 $16,281 LAND $1,386,720
C-1.02A 124-16-210-003 2.61 MPC RZ6 $0 SETBACK $0
C-1.03 124-16-510-004 1.23 MPC PSP $0 LAND $0
1.06 124-16-210-002 47.66 MPC RZ10 $15,108 LAND $1,286,820
C-1.06A 124-16-210-004 2.41 MPC RZ10 $0 SETBACK $0
1.07 124-16-610-001 10.20 MPC PSP $539 LAND $45,900
C-1.07A 124-16-610-004 0.38 MPC PSP $0 SETBACK $0
1.08 124-16-710-001 9.08 MPC PSP $560 LAND $47,671
C-1.09 124-16-710-005 2.21 MPC PSP $0 RIGHT-A-WAY $0
1.09A 124-16-610-002 26.64 MPC RZ10 $8,914 LAND $759,240
1.09B 124-16-710-002 24.57 MPC RZ10 $8,221 LAND $700,246
C-1.09C 124-16-710-006 1.57 MPC RZ10 $0 SETBACK $0
C-1.09D 124-16-610-005 1.23 MPC RZ10 $0 SETBACK $0
1.1 124-16-412-001 13.86 MPC RZ50 $15,459 LAND $1,316,700
C-1.10A 124-16-310-003 1.07 MPC RZ50 $0 SETBACK $0
1.11 124-16-310-002 28.50 MPC RZ13 $12,046 LAND $1,026,000
C-1.11A 124-16-310-004 1.20 MPC RZ13 $0 SETBACK $0
1.12 124-16-710-003 30.09 MPC RZ13 $12,718 LAND $1,083,240
C-1.12A 124-16-710-007 0.68 MPC RZ13 $0 SETBACK $0
C-2.01 124-16-510-006 3.29 MPC PSP $0 LAND $0
2.01A 124-16-510-002 1.02 MPC PSP $7 LAND $571
2.03 124-16-610-003 31.74 MPC RZ6 $7,080 LAND $603,060
C-2.03A 124-16-610-006 1.18 MPC RZ6 $0 SETBACK $0
2.04 124-15-310-001 1.21 MPC PSP $117 LAND $9,983
2.05 124-15-210-001 34.94 MPC PSP/RZ6 $4,212 LAND $358,800
C-2.05A 124-15-310-005 1.30 MPC PSP/RZ6 $0 SETBACK $0
2.06 124-15-610-001 13.37 MPC PSP $706 LAND $60,166
2.07 124-15-510-001 4.71 MPC PSP $2,488 LAND $211,951
C-2.08 124-15-510-003 6.67 MPC PSP $0 LAND $0
2.1 124-15-610-002 15.94 MPC MUZ $22,499 LAND $1,916,394
C-2.10A 124-15-610-007 1.03 MPC MUZ $0 SETBACK $0
C-2.10B 124-15-710-002 0.41 OL NOT AVAIL $0 SETBACK $0
2.11 124-15-610-003 2.11 MPC PSP $242 LAND $20,574
C-2.11A 124-15-610-008 0.22 MPC PSP $0 SETBACK $0
2.12 124-15-610-004 4.48 MPC PSP $434 LAND $36,960
C-2.12A 124-15-610-009 0.18 MPC PSP $0 SETBACK $0
2.13 124-15-610-005 1.18 MPC PSP $135 LAND $11,506
2.15A 124-15-310-002 21.66 MPC RZ13 $9,155 LAND $779,760
2.15B 124-15-310-003 21.45 MPC RZ13 $9,066 LAND $772,200
C-2.15C 124-15-310-006 0.47 MPC RZ13 $0 SETBACK $0
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PARCEL 3 ASSET SUMMARY CONTINUED
LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE
VALUE
C-2.15D 124-15-310-007 0.75 MPC RZ13 $0 SETBACK $0
2.16 124-15-310-004 20.82 MPC MUZ $42,590 LAND $3,627,677
C-2.16A 124-15-310-008 0.88 MPC MUZ $0 SETBACK $0
C-3.01 124-14-110-003 12.51 MPC PSP $0 LAND $0
C-3.02 124-14-510-005 13.15 MPC PSP $0 LAND $0
3.04 124-14-110-002 21.31 MPC RZ10 $7,130 LAND $607,334
C-3.04A 124-14-110-005 0.68 MPC RZ10 $0 SETBACK $0
3.05 124-14-510-001 45.84 MPC RZ10 $14,531 LAND $1,237,680
C-3.05B 124-14-110-006 0.17 MPC RZ10 $0 SETBACK $0
3.06 124-14-610-001 22.12 MPC RZ10 $7,401 LAND $630,420
C-3.06A 124-14-610-005 1.01 MPC RZ10 $0 SETBACK $0
3.07 124-14-510-002 9.83 MPC PSP $606 LAND $51,609
C-3.07A 124-14-110-007 0.67 MPC PSP $0 SETBACK $0
3.08 124-14-210-002 26.75 MPC RZ10 $8,951 LAND $762,374
C-3.08A 124-14-210-004 1.37 MPC RZ10 $0 SETBACK $0
C-3.09 124-14-210-005 1.74 MPC PSP $0 RIGHT-A-WAY $0
3.11 124-14-310-001 25.11 MPC RZ13 $11,202 LAND $954,180
C-3.11A 124-14-210-007 0.47 MPC RZ13 $0 SETBACK $0
C-3.12 124-14-310-006 0.86 MPC PSP $0 RIGHT-A-WAY $0
3.13A 124-14-310-003 18.73 MPC RZ10 $8,796 LAND $749,200
3.13B 124-14-310-002 7.35 MPC RZ10 $3,883 LAND $330,751
C-3.13C 124-14-310-005 0.68 MPC RZ10 $0 SETBACK $0
C-3.13D 124-14-210-006 1.41 MPC RZ10 $0 SETBACK $0
3.14 124-14-710-001 17.13 MPC RZ6 $8,045 LAND $685,200
C-3.14A 124-14-610-006 0.89 MPC RZ6 $0 SETBACK $0
3.15 124-14-310-004 39.04 MPC PSP $2,475 LAND $210,817
3.16 124-14-410-002 77.29 MPC PSP $7 LAND $571
4.01 124-14-510-003 2.24 MPC C-1 $4,009 LAND $341,509
C-4.01A 124-14-510-006 0.26 MPC C-1 $0 SETBACK $0
4.02 124-14-510-004 22.43 MPC RZ25 $16,261 LAND $484,769
C-4.02A 124-14-510-007 0.55 MPC RZ25 $0 SETBACK $0
4.04 124-14-410-001 26.34 MPC RZ13 $11,133 LAND $331,884
C-4.04A 124-15-710-004 0.34 MPC RZ13 $0 SETBACK $0
C-4.04B 124-14-310-007 1.83 MPC PSP $0 RIGHT-A-WAY $0
4.05 124-14-410-003 15.09 MPC RZ13 $6,378 LAND $190,134
C-4.05A 124-14-810-002 0.22 MPC RZ13 $0 SETBACK $0
4.06 124-14-710-002 3.13 MPC MUZ/PSP/RZ13 $248 LAND $7,395
4.08 124-14-710-003 42.42 MPC MUZ/PSP/RZ13/C-2 $65,082 LAND $1,940,206
C-4.08A 124-14-710-005 3.18 MPC MUZ/PSP/RZ13/C-2 $0 SETBACK $0
4.09B 124-23-510-001 2.22 MPC RZ13/C-2 $7,947 LAND $236,922
4.1 124-14-710-004 4.10 MPC PSP $325 LAND $9,686
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P A R K H I G H L A N D S 2 9
PARCEL 3 ASSET SUMMARY CONTINUED
LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE
VALUE
5.01 124-16-412-002 19.43 MPC RZ13 $10,265 LAND $874,351
C-5.01A 124-21-113-003 1.10 MPC RZ13 $0 SETBACK $0
5.02 124-21-510-001 24.80 MPC RZ13 $13,102 LAND $1,116,000
C-5.02A 124-21-510-003 0.61 MPC RZ13 $0 SETBACK $0
5.05 124-21-212-001 12.57 MPC PSP $1,107 LAND $94,274
5.06 124-21-212-002 9.93 MPC PSP $1,137 LAND $96,817
C-5.06A 124-21-212-004 0.49 MPC PSP $0 SETBACK $0
5.07 124-21-610-001 17.64 MPC RZ10 $10,355 LAND $882,000
C-5.07A 124-21-510-006 1.05 MPC RZ10 $0 SETBACK $0
C-5.08 124-21-610-006 2.49 MPC PSP $0 RIGHT-A-WAY $0
C-5.09A 124-21-610-007 0.28 MPC RZ10 $0 SETBACK $0
C-5.09B 124-21-610-008 0.44 MPC RZ10 $0 SETBACK $0
C-5.09C 124-21-610-009 0.09 MPC RZ10 $0 SETBACK $0
C-5.10A 124-21-610-010 0.50 MPC RZ10 $0 SETBACK $0
C-5.10B 124-21-610-011 0.32 MPC RZ10 $0 SETBACK $0
C-5.10C 124-21-610-012 0.53 MPC RZ10 $0 SETBACK $0
5.11 124-21-610-004 0.92 MPC MUZ $2,117 LAND $180,337
C-5.11A 124-21-610-013 0.21 MPC MUZ $0 SETBACK $0
6.01 124-23-211-001 1.21 MPC PSP $160 LAND $13,614
C-6.01A 124-23-211-007 0.82 MPC PSP $0 SETBACK $0
6.02 124-23-211-002 2.05 MPC PSP $7 RIGHT-A-WAY $571
6.03 124-23-211-003 6.68 MPC PSP $765 LAND $65,131
6.04 124-23-111-001 21.82 MPC MZ13 $12,168 LAND $1,036,451
C-6.04A 124-23-111-002 0.64 MPC MZ13 $0 SETBACK $0
6.05 124-23-211-004 10.04 MPC PSP $884 LAND $75,300
C-6.05A 124-23-211-008 0.58 MPC PSP $0 SETBACK $0
6.06 124-23-211-005 9.38 MPC RZ25 $13,766 LAND $1,172,500
C-6.06A 124-23-211-009 0.33 MPC RZ25 $0 SETBACK $0
6.07 124-23-211-006 8.74 MPC RZ25 $12,826 LAND $1,092,500
C-6.07A 124-23-211-010 0.93 MPC RZ25 $0 SETBACK $0
6.08 124-23-510-002 28.36 MPC RZ25 $31,631 LAND $2,694,200
C-6.08A 124-23-610-003 0.55 MPC RZ25 $0 SETBACK $0
C-6.08B 124-23-610-004 0.06 MPC RZ25 $0 SETBACK $0
6.09 124-23-610-001 9.02 MPC RZ25 $13,767 LAND $1,172,600
C-6.09A 124-23-610-005 0.86 MPC RZ25 $0 SETBACK $0
6.1 124-23-610-002 9.45 MPC MUZ $26,581 LAND $2,264,031
C-6.10A 124-23-610-006 0.29 MPC MUZ $0 SETBACK $0
C-6.10B 124-23-610-007 0.04 MPC MUZ $0 SETBACK $0
7.01 124-15-410-001 7.25 MPC C-2 $14,831 LAND $1,263,240
C-7.01A 124-15-410-003 0.19 MPC C-2 $0 SETBACK $0
7.02 124-15-410-002 17.54 MPC RZ25 $20,593 LAND $1,754,000
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PARCEL 3 ASSET SUMMARY CONTINUED
LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE
VALUE
C-7.02A 124-15-410-004 0.38 MPC RZ25 $0 SETBACK $0
1176.18 $559,194 $47,629,866
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P A R K H I G H L A N D S 3 1
PARCEL 3 ANALYSIS
General
Of the 1,176.18 acres in Parcel 3, there are 300 acres of park land included for the Eglington Preserve. Similar to open ter-
rain provided by the Eglington Preserve, there are several other protected natural habitat areas of land that create park
like amenities without the development costs of constructing a park. Details regarding the preserved areas of land in Park
Highlands are found on in the Plans For The Area section of this Off ering Memorandum on pages 63 - 67. Also included in
this area are approximately 460 acres of Park Highlands Land that is owned by separate parties. The Park Highlands Owner-
ship Map found on page 13 provides a delineation of the owners.
The amount of land in Parcel 3 that is owned by November 2005 Land Investors LLC amounts to 1,176.18 acres. Of the total,
there are fi ve sub-parcels of land to be dedicated for schools along with two parcels for Public Facilities. See the Parcel 3
Technical Aerial, and Parcel 3 Asset Summary Spreadsheet that precede this section for more detail on the individual sub-
parcels. Requirements for the completion of the Public Facilities are not triggered until the 3,000th building permit has been
issued within sub-parcels 3-6.
Zoning
Other than Industrial zoning, all zoning types are off ered on the 125 sub-parcels that make up Parcel 3. This parcel con-
tains the majority of the land owned by November 2005 Land Investors LLC.
While the City is receptive to zone changes that include density reductions that may potentially reduce the Public Facility
requirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough
and far reaching changes to the Development Agreement that may be warranted based on current market conditions.
The goal is to work together to study potential changes and document appropriate modifi cations to the Development
Agreement in one major addendum.
It is important to note that the approximate 350 acres adjacent to Sun City Aliante already have two points of formal paved
access. The designated zoning types for this land range from Low Density Residential to Very High Density Residential.
Communications with the City, indicate that zoning modifi cations required for a new Active Adult Community would not
be objectionable and may be supported.
Infrastructure
All utilities are within the immediate vicinity for the western portion of Parcel 3. Other completed infrastructure items
include a 77 acre detention basin on sub-parcels 3.15 and 3.16.
Formal paved access to the western portion of Parcel 3 is provided by Elkhorn Rd which has been fully completed to the
southwest corner of the Parcel. Formal paved access to the northwest corner of Parcel 3 is provided via one mile of the
completed half street improvements along the northern border of Sun City Aliante.
Utilities for the eastern portion of Parcel 3 will require the installation of a water line that extends two miles from Lamb
Blvd. to Losee Rd. Additionally, there is a requirement to install approximately 4,000 feet of sewer line in order to connect
septic services.
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ELSP A R K H I G H L A N D S 3 2
PARCEL 3 ANALYSIS CONTINUED
Direct freeway access for the eastern portion of Parcel 3 has recently been improved through the completion of the North
5th Interchange and the Losee Rd. Interchange. Additional freeway access will be provided through the future Revere Inter-
change one mile west of the current North 5th Interchange.
Future Development
As of November 1, 2011 there are no specifi c encumbrances on title that will prevent the development of land and vertical
construction in Parcel 3. As indicated above and in the Investment Highlights of this Off ering Memorandum, the current
market may support end user development for more Active Adult housing.
Recent land buying activity supports end user development for well located land. Comps in the Park Highlands area and
the fi ve mile vicinity indicate that Land pricing is approximately $110,000 per acre for parcels of land ranging in size from
20 acres to over 100 acres.
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P A R K H I G H L A N D S 3 3
LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 3
C-5.03AC-5.04AC-5.04BC-5.04CC-5.04D
Please contact Curt Allsop at 702.733.7500 or by email at [email protected] for additional detail regarding the
current status of improvements for this parcel.
Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with all
of the Schedule B exceptions can be found.
Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps that
document current and planned infrastructure and improvements.
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ELSP A R K H I G H L A N D S 3 4
PARCEL 3 PICTURES
Western view of Parcel 3 highlighting the completed detention basin and Aliante Casino in the background
Completed water detention basin
Eglington Preserve with Grand Teton as a northern border
City of North Las Vegas has installed some electric & sewer Land N of Parcel 3 is protected by BLM for paleontological resources
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P A R K H I G H L A N D S 3 5
PARCEL 3 PICTURES CONTINUED
Eastern view of Lots 7.01 & 7.02 looking towards N 5th StreetLooking East across the northern portion of Parcel 3
Current construction on land located immediately South of Lots 5.06 & 5.05
Electric & sewer along Lots 1.10 & 1.11 looking South Lots 1.10 & 1.11 along East-bound 215
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ELSP A R K H I G H L A N D S 3 6
PARCEL 3 PICTURES CONTINUED
Looking West on Deer Springs along the southern portion of Parcel 3
Parcel 3 with VA Hospital & The Reserve Apts in the background Completed wash located on Lot 6.02
Lots 5.01
Clayton St. leading N to the 215; Lot 5.01 to the right
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P A R K H I G H L A N D S 3 7
PARCEL 4 MAP
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C-D
C-2.3A C-2.3B
C-1.01
C-1.09
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C-1.02
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AC-1.11
AC-1.12
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C-2.03
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C-1.09
D
C-1.09
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C-2.01
C-2.05
A
C-2.11
AC-2.12
A
C-2.08
C-2.10
A
C-2.15
C
C-2.15
D
C-2.16
A
C-3.01
C-3.02
C-3.04
A
C-3.05
B
C-3.09
C-3.07
A
C-3.08
AC-3.13
CC-3.13
D
C-3.12
C-4.04
A
C-4.04
B
C-4.05
A
C-4.01
A
C-4.02
A
C-3.06
A
C-3.14
AC-4.10
A
C-4.08
A
4.09
B
C-6.04
A
C-6.08
AC-6.08
B
C-6.10
A
C-6.10
B
C-6.09
A
C-6.07
A
C-6.06
A
C-6.01
A
C-6.05
A
C-7.02
AC-7.01
A
C-5.02
A
C-5.01
A
C-5.06
AC-5.07
A C-5.08
C-5.11
A
C-5.09
AC-5.10
A
C-5.10
BC-5.10
C
C-5.09
BC-5.09
C
C-2.10
B
C-3.11
A
PARC
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4
GE
NE
RA
LO
VE
RV
IEW
P A R K H I G H L A N D S 3 8
PARCEL 4 AERIAL PICTURE
REC
ENTL
Y CO
MPL
ETED
N
5TH
/215
INTE
RCH
AN
GE LO
SEE
RD
215
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P A R K H I G H L A N D S 3 9
PARCEL 4 TECHNICAL AERIAL
DEE
RSP
RIN
GS
CRO
SSIN
GS
215
LOSEE RD
5TH ST
12
3
DEE
R S
PR
ING
S W
Y
PRO
POSE
DSC
HOO
L
PRO
POSE
DSC
HOO
L
PRO
POSE
DN
ORT
HU
NLV
CAM
PUS
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PARCEL 4 ASSET SUMMARY
LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE
VALUE
LOT1 124-14-810-003 17.66 MPC RZ13/C-2 $63,221 LAND $5,384,891
LOT2 124-14-810-004 22.38 MPC C-2/RZ13 $80,118 LAND $6,824,111
LOT3 124-14-810-005 24.6 MPC C-2 $88,065 LAND $7,501,031
64.64 $231,404 $19,710,034
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P A R K H I G H L A N D S 4 1
PARCEL 4 ANALYSIS
General
As the gateway to Park Highlands, Parcel 4 has been designated as the future resort and gaming component for the North-
ern Portion of the Valley. Three parcels make up the 64.64 acre area of land that already has immediate freeway access via
the Losee Rd. Interchange. Sub-parcels referenced as Lot 2 and Lot 3 make up 47 acres. These two parcels already have the
desired gaming zoning. The Balance of Parcel 4 includes 17.66 acres, referenced as Lot 1. On the eastern border of Parcel 4,
plans are underway to construct the Regional Fixed Guideway Project. Also at the eastern edge of Parcel 4, another Univer-
sity of Las Vegas campus has been planned. Specifi c details regarding both of these projects are found in the Plans for the
Area Section that follows on pages 63 - 67 of this Off ering Memorandum.
Zoning
The City has provided a signifi cant development opportunity through the gaming parcels included in Parcel 4. In the event
that a larger Casino site is desirable, the City is open for negotiation.
While the City is receptive to zone changes that include density reductions that may potentially reduce the Public Facility
requirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough
and far reaching changes to the Development Agreement that may be warranted based on current market conditions.
The goal is to work together to make study potential changes and document appropriate modifi cations to the Develop-
ment Agreement in one major addendum.
Infrastructure
Utilities for the eastern portion of Parcel 3 and 4 will require the installation of a water line that extends two miles from
Lamb Blvd. to Losee Rd. Additionally, there is a requirement to install approximately 4,000 feet of sewer line in order to
connect the required septic services for Parcel 3 and 4. Direct freeway access to parcel 4 is provided by the Losee Rd. Inter-
change.
Future Development
As of November 1, 2011 there are no specifi c encumbrances on title that will prevent the development of land and vertical
construction in Parcel 4.
Gaming sites have traded for as high as $34 million per acre. While development of a Resort/ Casino site is not warranted
any time soon, it is feasible that given the intense uses planned for this part of the valley, parcel 4 will be highly desirable
land. Recent land buying activity supports end user development for well located land. Comps in the Park Highlands area
and the 5 mile vicinity indicate that Land pricing is approximately $115,000 per acre for parcels of land ranging in size from
20 acres to over 100 acres.
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LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 4
There are no sub-parcels excluded from Parcel 4
Please contact Curt Allsop at 702.733.7500 or by email at [email protected] for additional detail regarding the
current status of improvements for this parcel.
Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with all
of the Schedule B exceptions can be found.
Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps that
document current and planned infrastructure and improvements.
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P A R K H I G H L A N D S 4 3
PARCEL 4 PICTURES
On-ramp at the Losee & 215 Interchange just South of Parcel 4
Eastern border of Parcel 4 on what will be north-bound Losee Rd
View of The Strip from the Losee & 215 Interchange
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PARCEL 5 MAP
RES
IDEN
TIA
LV
ER
Y LO
W D
EN
SIT
Y R
ES
IDE
NTI
AL
- VLD
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LOW
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ITY
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SID
EN
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EN
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EN
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ER
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UN
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CO
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ALIANTE P
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COMMERCE ST
DEE
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S W
Y
CLAYTON
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5TH ST
REVERE ST
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PK
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AVIARY W
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GR
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RD
LOSEE RD
2.7
2.6
3.2
1.02
1.06
1.10
1.11
1.12
1.08
1.07
1.09
B
1.09
A2.
032.
06
2.05
2.11
2.10
2.07
3.11 4.04
2.15
A2.
15B
2.16
2.04
3.04
3.05
3.08
3.07
3.13
A3.
13B
3.15 3.16
4.05
4.01
4.02
3.06
4.08
3.14
4.10
4.06 1
23
6.01
6.05
6.03
6.06
6.07
6.08
6.09
6.10
6.04
6.02
7.01
7.02
5.02
5.01 5.
055.
06
5.07
5.11
42
32
3.6
2.13
2.12
C-2.5A
C-2.7A
C-2.4A
C-B
C-A
C-1.2A C-
1.2B
C-C
C-D
C-2.3A C-2.3B
C-1.01
C-1.09
C-1.03
2.01
A
C-1.02
A C-1.06
AC-1.07
A
C-1.10
AC-1.11
AC-1.12
A
C-2.03
A
C-1.09
D
C-1.09
C
C-2.01
C-2.05
A
C-2.11
AC-2.12
A
C-2.08
C-2.10
A
C-2.15
C
C-2.15
D
C-2.16
A
C-3.01
C-3.02
C-3.04
A
C-3.05
B
C-3.09
C-3.07
A
C-3.08
AC-3.13
CC-3.13
D
C-3.12
C-4.04
A
C-4.04
B
C-4.05
A
C-4.01
A
C-4.02
A
C-3.06
A
C-3.14
AC-4.10
A
C-4.08
A
4.09
B
C-6.04
A
C-6.08
AC-6.08
B
C-6.10
A
C-6.10
B
C-6.09
A
C-6.07
A
C-6.06
A
C-6.01
A
C-6.05
A
C-7.02
AC-7.01
A
C-5.02
A
C-5.01
A
C-5.06
AC-5.07
A C-5.08
C-5.11
A
C-5.09
AC-5.10
A
C-5.10
BC-5.10
C
C-5.09
BC-5.09
C
C-2.10
B
C-3.11
A
PARC
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5
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P A R K H I G H L A N D S 4 5
PARCEL 5 AERIAL PICTURE
GRA
ND
TET
ON
215
DEE
R SP
RIN
GS
WY
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ELSP A R K H I G H L A N D S 4 6
PARCEL 5 TECHNICAL AERIAL
CRA
MM
IDD
LE S
CH
OO
L
LEG
ACY
HIG
H HAY
DEN
ELEM
.
NO
RTH
RA
NC
Hby
DR
HO
RTO
N
SPR
ING
DA
LEby
PA
RD
EE
AU
TUM
NR
IDG
Eby
PULT
E
ELD
OR
AD
OH
IGH
LAN
DS
4
3
2
215
DEE
R S
PR
ING
S W
Y
CLAYTO
N S
T
REVERE ST
COM
MER
CE ST
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P A R K H I G H L A N D S 4 7
PARCEL 5 ASSET SUMMARY
LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE
VALUE
LOT2 124-21-610-020 5.18 MPC RZ10 $2,737 LAND $233,100
LOT3 124-21-610-017 12.83 MPC RZ10 $6,778 LAND $577,351
LOT4 124-21-610-018 13.6 MPC RZ10 $7,185 LAND $612,000
31.61 $16,700 $1,422,451
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PARCEL 5 ANALYSIS
General
Of the 1,340 acres total, Parcel 5 and Parcel 6 are the only parcels south of Interstate 215. Parcel 5 consists of 3 sub parcels
that total a net of 31.61 acres. The land area required for setbacks and streets has already been subtracted. The subject
property is ideally located south of Interstate 215 and on the north side of Deer Springs Way between a Middle School and
a High School. New home construction is underway on the south side of Deer Springs. This is a portion of Park Highlands
that is ready for development.
Zoning
The Zoning for the 31.61 acres is Master Planned Community / RZ 10 . Given the adjacency to existing development, and
the new home construction in progress, this parcel could be down zoned for a lower density that is appropriate for single
family development in this market. Alternatively, and as previously indicated in Parcel 1 Analysis, a Multi-Family develop-
ment may create a higher and better use.
While the City is receptive to zone changes that include density reductions that may potentially reduce the Public Facility
requirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough
and far reaching changes to the Development Agreement that may be warranted based on current market conditions.
The goal is to work together to study potential changes and document appropriate modifi cations to the Development
Agreement in one major addendum.
Infrastructure
All utilities are within the immediate vicinity for Parcel 5. Half street improvements along Deer Springs will provide access
to the south west and the south east corner of Parcel 5.
Future Development
As of November 1, 2011 there are no specifi c encumbrances on title that will prevent the development of land and vertical
construction in Parcel 5.
In June of this year, the 46 acre parcel contiguous with the northern boundary of Parcel 6 sold with an additional 60 acres
for approximately $76,000 per acre.
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P A R K H I G H L A N D S 4 9
LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 5
There are no sub-parcels excluded from Parcel 5
Please contact Curt Allsop at 702.733.7500 or by email at [email protected] for additional detail regarding the
current status of improvements for this parcel.
Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with all
of the Schedule B exceptions can be found.
Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps that
document current and planned infrastructure and improvements.
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PARCEL 5 PICTURES
Looking East towards Parcel 5 from Gentle Brook & Deer Springs Way
Development around a designated Public Space
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P A R K H I G H L A N D S 5 1
PARCEL 6 MAP
RES
IDEN
TIA
LV
ER
Y LO
W D
EN
SIT
Y R
ES
IDE
NTI
AL
- VLD
R
LOW
DE
NS
ITY
RE
SID
EN
TIA
L - L
DR
ME
DIU
M L
OW
DE
NS
ITY
RE
SID
EN
TIA
L - M
LDR
ME
DIU
M D
EN
SIT
Y R
ES
IDE
NTI
AL
- MD
R
ME
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M H
IGH
DE
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ITY
RE
SID
EN
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UN
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CO
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ER
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CIA
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MIX
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CO
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L
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PM
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/CO
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ALIANTE P
KWY
COMMERCE ST
DEE
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PR
ING
S W
Y
CLAYTON
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DECATUR BLVD
AVIARY W
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SP
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WY
GR
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HO
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DR
CLAYTON ST
ELK
HO
RN
RD
LOSEE RD
2.7
2.6
3.2
1.02
1.06
1.10
1.11
1.12
1.08
1.07
1.09
B
1.09
A2.
032.
06
2.05
2.11
2.10
2.07
3.11 4.04
2.15
A2.
15B
2.16
2.04
3.04
3.05
3.08
3.07
3.13
A3.
13B
3.15 3.16
4.05
4.01
4.02
3.06
4.08
3.14
4.10
4.06 1
23
6.01
6.05
6.03
6.06
6.07
6.08
6.09
6.10
6.04
6.02
7.01
7.02
5.02
5.01 5.
055.
06
5.07
5.11
42
32
3.6
2.13
2.12
C-2.5A
C-2.7A
C-2.4A
C-B
C-A
C-1.2A C-
1.2B
C-C
C-D
C-2.3A C-2.3B
C-1.01
C-1.09
C-1.03
2.01
A
C-1.02
A C-1.06
AC-1.07
A
C-1.10
AC-1.11
AC-1.12
A
C-2.03
A
C-1.09
D
C-1.09
C
C-2.01
C-2.05
A
C-2.11
AC-2.12
A
C-2.08
C-2.10
A
C-2.15
C
C-2.15
D
C-2.16
A
C-3.01
C-3.02
C-3.04
A
C-3.05
B
C-3.09
C-3.07
A
C-3.08
AC-3.13
CC-3.13
D
C-3.12
C-4.04
A
C-4.04
B
C-4.05
A
C-4.01
A
C-4.02
A
C-3.06
A
C-3.14
AC-4.10
A
C-4.08
A
4.09
B
C-6.04
A
C-6.08
AC-6.08
B
C-6.10
A
C-6.10
B
C-6.09
A
C-6.07
A
C-6.06
A
C-6.01
A
C-6.05
A
C-7.02
AC-7.01
A
C-5.02
A
C-5.01
A
C-5.06
AC-5.07
A C-5.08
C-5.11
A
C-5.09
AC-5.10
A
C-5.10
BC-5.10
C
C-5.09
BC-5.09
C
C-2.10
B
C-3.11
A
PARC
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PARCEL 6 AERIAL PICTURE
GRA
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TET
ON
215
DEE
R SP
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WY
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P A R K H I G H L A N D S 5 3
PARCEL 6 TECHNICAL AERIAL
CRA
MM
IDD
LE S
CH
OO
L
LEG
ACY
HIG
H HAY
DEN
ELEM
.
NO
RTH
RA
NC
Hby
DR
HO
RTO
N
SPR
ING
DA
LEby
PA
RD
EE
AU
TUM
NR
IDG
Eby
PULT
E
ELD
OR
AD
OH
IGH
LAN
DS
2
215
DEE
R S
PR
ING
S W
Y
CLAYTO
N S
T
REVERE ST
COM
MER
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ELSP A R K H I G H L A N D S 5 4
PARCEL 6 ASSET SUMMARY
LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE
VALUE
LOT2 124-21-610-016 13.5 MPC RZ10 $7,132 LAND $607,500
13.5 $7,132 $607,500
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P A R K H I G H L A N D S 5 5
PARCEL 6 ANALYSIS
General
Parcel 6 is the second and last of the 147 sub-parcels that make up the overall 1,340 acres. Parcel 6 consists of one sub
parcel that is only 1,500 feet from the new Revere St. / Interstate 215 Interchange that is planned for Park Highlands. This
parcel is well located in the path of progress and contiguous to sub-parcel 5. Totaling a net of 13.5 acres, the land area
required for setbacks and streets has already been subtracted.
New home construction is underway on the south side of Deer Springs. This is a portion of Park Highlands that is ready
for development.
Zoning
The Zoning for the 13.5 acres is Master Planned Community / RZ 10 . Given the adjacency to existing development, and the
new home construction in progress, this parcel could be down zoned for a lower density that is appropriate for single fam-
ily development in this market. Alternatively, and as previously indicated in Parcel 1 Analysis, a Multi-Family development
may create a higher and better use.
While the City is receptive to zone changes that include density reductions that may potentially reduce the Public Facility
requirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough
and far reaching changes to the Development Agreement that may be warranted based on current market conditions.
The goal is to work together to study potential changes and document appropriate modifi cations to the Development
Agreement in one major addendum.
Infrastructure
For Parcel 6 all utilities are within 1,000 feet. Half street improvements along Revere and Dorrell Ln. will provide access to
the Parcel 6.
Future Development
As of November 1, 2011 there are no specifi c encumbrances on title that will prevent the development of land and vertical
construction in Parcel 6.
In June of this year, the 46 acre parcel contiguous with the northern boundary of Parcel 6 sold with an additional 60 acres
for approximately $76,000 per acre.
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ELSP A R K H I G H L A N D S 5 6
LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 6
There are no sub-parcels excluded from Parcel 6
Please contact Curt Allsop at 702.733.7500 or by email at [email protected] for additional detail regarding the
current status of improvements for this parcel.
Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with all
of the Schedule B exceptions can be found.
Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps that
document current and planned infrastructure and improvements.
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PARCEL 6 PICTURES
Need description
New VA Hospital
Need description
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LAS VEGAS LAND COMPARABLES - NORTHERN REGION
This copyrighted report contains research licensed to Grubb & Ellis - 102686. 10/27/201Page
PROPERTY LOCATION CITY, STATE SALES DATE
SALES PRICE PRICE PER ACRE
SIZE
1. N Lamb Blvd. @ Ann Rd. Las Vegas, NV Sep-11 $11,500,000 $94,070 122.25
2. Ann Rd. @ Losee Rd. North Las Vegas, NV Aug-11 $50,000 $2,500 20
3. SW Camino al Norte & Ann Rd. North Las Vegas, NV Jul-11 $2,360,000 $125,000 18.88
4. NW Centennial Pkwy. & Shaumber
Rd.
Las Vegas, NV Jul-11 $2,385,600 $140,993 16.92
5. SW Grand Teton Dr. & Aviary Way North Las Vegas, NV Jun-11 $8,000,000 $76,053 105.19
6. SW Farm Rd. & Hualapai Way Las Vegas, NV Jun-11 $2,623,000 $103,770 25.28
7. NW Rome Blvd. & 5th St. North Las Vegas, NV Jun-11 $2,500,000 $137,969 18.12
8. NW Tropical Pkwy. & Lamb Blvd. North Las Vegas, NV May-11 $2,447,640 $117,000 20.92
9. NW Rancho Dr. & Grand Teton Dr. Las Vegas, NV May-11 $2,850,000 $90,534 31.48
10. NE Kyle Canyon Rd. & Vineyard Rd. Las Vegas, NV Apr-11 $310,000 $15,500 20
11. 4034 Adabella Ave. Las Vegas, NV Mar-11 $3,000,000 $332,594 9.02
12. Deer Springs Way Las Vegas, NV Dec-10 $6,300,000 $105,386 59.78
13. Grand Teton Dr. North Las Vegas, NV Dec-10 $11,000,000 $120,219 91.5
14. NE Maggie Ave. & Coke Ave. Las Vegas, NV Nov-10 $725,000 $76,316 9.5
15. 7756-7760 Needlepoint Ct. Las Vegas, NV Oct-10 $10,200,000 $293,694 34.73
16. 320 Casmailia Ave. North Las Vegas, NV Sep-10 $5,170,000 $96,816 53.4
Totals $71,421,240 656.97
Avg. Price Per Acre $108,713
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MASTER PLANNED COMMUNITY LAND COMPARABLES
PROPERTY LOCATION CITY, STATE SALES DATE
SALES PRICE PRICE PER ACRE
SIZE
Picaso Ct. & Dali Dr. S Indio, CA Apr-11 $7,009,949 $43,812 160
6906 Nelson Rd. Longmont, CO Apr-11 $30,000,000 $39,651 756.6
NE Bella Vista Rd. & Gantzel Rd. Queen Creek, AZ Jan-11 $30,042,870 $22,951 1,309
3900 W. Elkhorn Blvd. Sacramento, CA Dec-10 $28,000,000 $47,866 584.97
11722 Fargo Ave. Hanford, CA Dec-10 $9,000,000 $29,788 302.13
NEC of HWY 154 & HWY 246 San Ynez, CA Mar-10 $40,000,000 $28,777 1390
Totals $144,052,819 4502.7
Avg. Price Per Acre $31,992
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P A R K H I G H L A N D S 6 1
RESIDENTIAL LAND COMPARABLES
Property Type: Residential Status: Closed Number of Properties: 74
Bedrooms SqFt List Price LP/SqFt Sale Price SP/SqFt[w/cents] SP/LP DOM
High 5 3,732 $349,000 $121 $300,000 $115 109.1% 327Low 2 1,157 $88,500 $60 $80,325 $63 79.6% 0
Average 3 1,704 $153,622 $91 $149,630 $88 97.46% 63Median 3 1,570 $139,900 $88 $137,250 $86 97.4% 51
SFR Home Sales Comps in Aliante
Property Type: Residential Status: Closed Number of Properties: 65
Bedrooms SqFt List Price LP/SqFt Sale Price SP/SqFt[w/cents] SP/LP DOM
High 6 3,340 $230,000 $75 $230,000 $76 113.9% 308Low 2 1,096 $59,900 $38 $59,000 $38 81.3% 1
Average 3 1,852 $108,977 $58 $108,608 $58 99.31% 80Median 3 1,606 $94,900 $58 $94,000 $58 100% 53
SFR Home Sales Comps outside Aliante
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PLANS FOR THE AREA - NORTHERN UNLV CAMPUS
The search for a new graduate
and research campus location
began in 2000. The project was
coordinated with the cities in the
Las Vegas Valley, Clark County, the
U.S. Bureau of Land Management
(BLM) and Nellis Air Force Base.
These eff orts concluded in the
selection of ±2,000 acres of open
land in North Las Vegas from
north from I-215 about three
miles between Lamb Boulevard
and Pecos Road to the base of the
Sheep Mountains.
The new UNLV graduate and re-
search campus planned for the
north part of the Las Vegas Valley
is the combined vision of govern-
ment, civic, business, and univer-
sity leaders. It is recognized that
economic diversifi cation and growth is highly dependent on the availability of a fi rst-class research university.
The initial focus of the campus will be graduate education and research. UNLV intends to draw on the collective strengths
of other Nevada System of Higher Education institutions operating in the Las Vegas Valley to provide the broadest possible
educational experiences at all levels.
Economic challenges of 2010 have slowed the required comprehensive master planning and development of the new
campus infrastructure and fi rst building. Nevertheless, UNLV continues to plan for the future and is hopeful that economic
recovery will enable the university to move forward.
SECTION 6
SECTION 7
SECTION 18
SECTION18: Comprehensive Campus
SECTION 7: Recreation/Residential Specialized Research
SECTION 6: Large Area Research
Desert National Wildlife Range
City
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Legend of Land Uses:
Academics / Research
Specialized Research
Initial Building at UNLV North Campus
Residential
Recreation / Athletic
Civic Wedge
Transit
Support Services
Preliminary Site Plan
Preliminary Site Plan for the North UNLV Campus
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P A R K H I G H L A N D S 6 3
PLANS FOR THE AREA CONTINUED - N 5TH STREET
The City of North Las Vegas, in conjunction with the Regional Transportation Commission of Southern Nevada (RTC), have
been working to develop plans to improve North 5th Street between Owens Avenue and the Northern Beltway (CC-215), a
distance of approximately seven miles.
The goal of the North 5th Street Improvements Project is to provide an enhanced north-south transportation corridor and
will evaluate ways to improve mobility, alleviate traffi c congestion, provide transit, provide multi-use trail facilities, and
accommodate future growth and development.
This project has, and will continue to take place in phas-
es. Overall, the goal of the improvements are intended
to promote pedestrian-friendly neighborhoods and pro-
vide improved transit service and facilities.
North 5th Corridor
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PLANS FOR THE AREA CONTINUED - REGIONAL FIXED GUIDEWAY PROJECT
The purpose of and need for the Regional Fixed Guideway project is to address transportation problems and mobility needs
associated with travel within and to the Resort Corridor from Las Vegas, Henderson, and North Las Vegas. Specifi cally, the
elements listed below, which are described in more detail in the following chapters of this report, constitute the overall pur-
pose for conducting this study that have arisen from existing conditions and future growth. Identifi ed solutions to promote
the project purpose are meant to address the needs of area residents.
The elements of the project purpose include:
1. Provide high capacity transit services that respond to problems associated with the Valley’s roadway network
2. Provide transit service improvements that respond to transit defi ciencies within and access to the Resort Corridor
3. Provide responsive transportation improvements to address issues associated with existing population and employ-
ment and expected future growth within the corridor
4. Provide transportation improvements that respond to environmental goals for the region and the corridor
The entire Las Vegas Regional Fixed Guideway Project Alternatives Analysis is available for review in the Virtual Deal Room.
Mass Transit Rail System
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P A R K H I G H L A N D S 6 5
PLANS FOR THE AREA CONTINUED - EGLINGTON PRESERVE
The Eglington Preserve is a 300-acre areathat may grow to thousands of acres. This is an area of sensitive habitat located
on BLM lands in the Las Vegas Wash within the city limits of North Las Vegas (near Lot 2.10 in Parcel 3). The site is home to
a large population of state-listed, critically endangered Las Vegas bearpoppy. The preserve was established as a mitigation
site as part of the Clean Water Act: Restoration work is done
on the preserve to off set unavoidable impacts from devel-
opment in other parts of the Las Vegas Wash, a tributary to
Lake Mead.
The Nature Conservancy began work in the fall of 2010 to
restore, enhance and protect 143 acres of the Wash and its
associated wetlands, which will enhance sensitive plant
and wildlife habitat and improve water quality. So far, six
miles of post and cable fence have been installed around
the preserve to reduce off -road vehicle damage, volunteers
have removed large amounts of trash from the site, and al-
most 21 acres have been restored with 2,812 new plants
and 424 pounds of native plant seed.
3,000 Acres of Open Space
Eglington Preserve
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PLANS FOR THE AREA CONTINUED - PALEONTOLOGICAL RESOURCES
The Upper Las Vegas Wash, until recently considered a wasteland by most, was once a beautiful and thriving wetlands,
home to hundreds of ice-age mammals. In 1962, the National Science Foundation funded the “Big Dig,” a major excava-
tion project that the National Geographic Society documented. The excavation included trenches that were 3,000 feet
long, 30 feet deep, and 12 feet wide across the wash. Scientists studied strata dating as far back as 200,000 years, covering
two ice-age periods. After the dig, a 1,000-acre parcel, includ-
ing the Tule Springs Paleontological Site, located three miles
east of Floyd Lamb Park, was placed on the National Register
of Historic Places.
In 2007, concerned individuals formed the Protectors of Tule
Springs (POTS) to inform the public of the history and scien-
tifi c importance of the upper Las Vegas Wash and help protect
the area. In January of 2010 the BLM reclaimed a large portion
of the land allocated for development. As of that February, no
fi nal decision on the total area had been made.
The nonprofi t Las Vegas Ice Age Park Foundation was formed in
2008 to assist in the development of the Ice Age Park. Working closely with the University of Nevada, POTS, BLM, the State
of Nevada, and other local agencies, a 316-acre state-owned site located in the heart of the Wash has been set aside to
build the Park.
Plans include building a world-class research lab and repository facility for fossils excavated in Southern Nevada where
scientists can study fossil remains, human activity in the region, and climate change by tracking regional warming and
cooling periods over the last 200,000 years. Picnic areas, hiking trails, and guided tours would allow the general public to
view surface and excavated areas.
Paleontological Resources Site
11,000 Acres for Paleontological Studies
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P A R K H I G H L A N D S 6 7
CONFIDENTIAL OFFERING MEMORANDUM AND DISCLAIMERS
Grubb & Ellis|Las Vegas (“Agent”) has been engaged by BryanCave, LLP as the exclusive agent for certain fi rst lien lenders (“Lend-ers”) in connection with the 363 Bankruptcy Auction of 1,340 acres of real property owned by November 2005 Land Investors, LLC (the “Seller”) commonly known as “Park Highlands” (the “Property) and located in North Las Vegas, Nevada. Only individuals or entities with good faith interest in purchasing the Property (each, a “prospective buyer”) are entitled to receive this Off ering Memorandum (“Off ering Memorandum” refers to this document and any materials accompanying this document). If you are not a prospective buyer, you shall immediately return this Off ering Memorandum and any materials as-sociated with the Property to Agent. Any prospective buyer receiving this Off ering Memorandum agrees to read and review the following sections one through six below before reviewing or taking possession of any information associated with the Property and to abide by all requirements set forth in this Off ering Memorandum. If a prospective buyer determines it is unwilling or unable to comply with the require-ments set forth in this Off ering Memorandum, the prospective buyer shall immediately return this Off ering Memorandum and any materials associated with the Property to Agent. 1. Confi dentiality. This Off ering Memorandum includes confi dential information subject to a Limited Disclosure Agreement. All prospective buyers are required to sign the Limited Disclosure Agreement before receiving this Off ering Memorandum and any confi dential information about the Property. If a prospective buyer has not signed a Limited Disclosure Agreement, the pro-spective buyer is instructed to immediately request a copy of the Limited Disclosure Agreement from Agent and to immediately return this Off ering Memorandum and any materials associated with the Property to Agent. This Off ering Memorandum shall not be made available to a prospective buyer until such time as the prospective buyer has returned a signed copy of the Limited Disclosure Agreement. Prospective buyers are encouraged to read and review the Limited Disclosure Agreement so that they are aware of their obligations under the Limited Disclosure Agreement. 2. Property “AS IS,” “WHERE-IS”. The Property will only be sold on an “AS-IS,” “WHERE-IS” basis. Bryan Cave LLP, the Lenders, Seller, Agent, and their respective representatives (collectively, “363 Sale Parties”), affi liates, offi cers, employees, shareholders, partners and directors (collectively, the “363 Sale Parties”), do not make and will not be deemed to have made, any representa-tion or warranty, express or implied, about the Property, in connection with the information in this Off ering Memorandum, in connection with any written or oral communication about the Property, or about the investment value of the Property. This Off ering Memorandum may contain material errors or omissions. Accordingly, each prospective buyer agrees to:
• independently verify, investigate, research and conduct its own due diligence with regard to the Property, the infor- mation in this Off ering Memorandum, and any other written or oral communication about the Property;• not rely upon any written or oral information provided by Seller Parties about the Property; and• engage qualifi ed and experienced independent professionals to assist in determining whether to purchase the Property.
3. Not an Off er to Sell. This Off ering Memorandum is not an off er to sell the Property and does not create any legally binding obligation on the part of Seller. Seller shall have no legally binding obligation to any prospective buyer unless and until Seller’s and the prospective buyer’s confi rmed authorized representatives have both signed a written purchase and sale agreement for the Property that has been approved of by Seller and that contains Seller’s required terms and conditions approved by Seller and is in accordance with the terms and conditions required by the 363 Sales Procedures. 4. Reservation of Rights. Seller reserves the rights available to it in connection with the 363 Sale and the pursuant to the bank-ruptcy case.
5. Authorization to Access. Please contact Curt Allsop at 702.73.7500 or by email at [email protected] for access to the property .
If you have no interest in the Property at this time, please return this Confi dential Off ering Memorandum immediately to:
Grubb & Ellis|Las Vegas3930 Howard Hughes Pkwy., Suite 180 Las Vegas, Nevada 89169 Curt Allsop · Doug Schuster · Vittal Ram · Suzanne Sprenger
702.733.7500